The Personalized Retirement Plan (PRP) introduces the need to have a complete and comprehensive approach for preparing a retirement plan. The PRP consists of ten steps that deal with all the issues and concerns that a retiree needs to consider in preparing a retirement plan. Each step is explained in detail and the key issues are summarized at the end of each chapter in a series of key questions.
The ten steps within the PRP are further organized into four categories:
- Personal—a review of highly personal and unique wants and needs that only the individuals can discuss and decide.
- Psychological—a focus on inner feelings and concerns about life after retirement and the need to establish goals.
- Physiological—the need to develop specific programs to address physical and mental conditioning.
- Practical—a practical appraisal of lifestyle and what you want to do in retirement, concluding with the need to plan beyond your life and finally to integrate your financial plan into your retirement plan.
Personalized Retirement Plan (PRP)
- Identify and distinguish between what you want to do and what you need to do in retirement.
- Determine the obligations and commitments that influence your retirement planning.
- Conduct a personal inventory of strengths, weaknesses, opportunities and threats.
- Learn how to adjust to Life after Retirement.
- Validate your goals in life.
- Maintain or improve your physical conditioning.
- Maintain your mental conditioning.
- Determine your preferences for lifestyle, location and leisure activities.
- Develop your “exit strategy."
- Integrate your financial plan into your overall retirement plan.
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